Coffee With Greta: Short Week

DJIA Futures: -71 (-0.2%)

SPX Futures: -16 (-0.3%)

NASDAQ Futures: -99 (-0.5%)

Good morning friends!

Futures are slipping to start the holiday-shortened trading week.?

Let’s get right to it!

Boeing CEO To Step Down

Boeing (BA) shares are up 3.8% ahead of the open after announcing a management shakeup.?

CEO Dave Calhoun will leave the company at the end of 2024.?

The chairman of the board, Larry Kellner, also announced he does not plan to stand for reelection at the annual meeting in May.

The board has elected director Steve Mollenkopf to succeed him and he will lead the process of searching for a new CEO.?

The president and CEO of Boeing Commercial Airplanes is leaving the company effective immediately and will be replaced by the current Chief Operating Officer.??

In a memo to employees today, Calhoun said, “As you all know, the Alaska Airlines Flight 1282 accident was a watershed moment for Boeing. We must continue to respond to this accident with humility and complete transparency. We also must inculcate a total commitment to safety and quality at every level of our company. The eyes of the world are on us, and I know we will come through this moment a better company, building on all the learnings we accumulated as we worked together to rebuild Boeing over the last number of years.”

Chipmakers Slip

Intel (INTC) shares are falling 4% while Advanced Micro Devices (AMD) shares are down 3.7% in premarket trade following a report that China will block chips from both companies in its government computers and servers.?

The Financial Times reported that China has rolled out new guidelines that will phase out U.S. processors.?

Government agencies higher than the township level have reportedly been ordered to purchase “safe and reliable” processors and operating systems.?

There is a list of 18 approved processors which include chips from Huawei and state-backed group Phytium.?

Microsoft (MSFT) shares are also off 0.6% as the stricter guidelines impact the use of the company’s Windows operating system.

Oil Prices Jump?

Oil prices are starting the new week higher following Ukrainian drone strikes on Russian refineries over the weekend.?

West Texas Intermediate crude futures are up 0.3%, just below $81 bbl, while Brent crude futures are also 0.3% higher, just under $86 bbl.?

Reuters reported that one of the major refining units at Russia’s Kuibyshev refinery was knocked out after a Ukrainian drone strike this weekend.?

British intelligence claims at least 10% of Russia’s refining capacity has been disrupted and “major repairs could take considerable time and expense.”